Investors have had it pretty good lately, with the Federal Reserve underpinning the stock market's gains. But the markets will soon be harder to play. Tom Lauricella joins MoneyBeat.

This transcript has been automatically generated and may not be 100% accurate.

... ay ay ay mm mm ... Jones Industrial Average today all on ... thirty and forty point it was up from under sixteen earlier ... good first date to the second half the Nasdaq also up to one percent ... Essen P will show the same payment of one percent to sixteen twenty two what congestion that is pretty good lately with the Federal Reserve under putting the stock market gains ... but ... as the last month the second quarter showed ... the Fed may soon change course and that ... isn't making things all the easier ... for investors to see the story there but Tom Lauricella while quarter recall that he joins us right now on MoneyBeat to talk about it ... yellows awhile quarter time of year really was that the that surprisingly wild ride ... as as the weeks wore on there and for all that the dowel ... was still ... only off about three percent from a high it said were sold an extremely volatile but not a big drop in US ... I think the key thing is is is that the headline number of stocks obscures was going underneath the surface ... and certainly upstairs was happening in the bond market ... and that's with the real goal was ... aam and that's where the uncertainty lies going forward ... and we talk about the uncertain era of easy time of Fed policy ... lot of Fed speakers come out the last couple weeks saying things that ... seem to really confuse the markets much as anything yet ... I mean I think everybody's confuse in some way I mean and you know ... I mean that that the main thing we're looking at here is that ... in in in in alot awaits you this this is the time so the snare of the peoples of new in the back of the mines is gonna happen ... everybody was making these bets based on this in a very low interest rates even lower longer set of strategies ... everybody knew looking over the folder that ... at some point it was and work anymore ... um I think it's a surprised everybody that it was as soon as it was the aunt's aam and and and how many people were also doing the same thing that I didn't trust that ... I think it was prized by how that's the reaction to this because somebody in the story today saying ... um ... you know they're probably a lot more set of speckled a tight plays out there based on very low short-term interest rates ... aam a lot more than you never really know what's happening nobody does the Fed thousands ... um underneath the surface in the market until ... it breaks ... and as we saw some evidence of that is awesome and breakage yes now the second half I mean ... if the economy gets better ... if it's going to taper or I mean that's a pretty clear if the Sprint deal the Fed under some of the fiscal front ... the economy getting better while we don't know I mean this is the thing I mean you know it it's it's it's really you know it's it's really remarkable unity look to what people are forecasting for second-quarter GDP ... it's pretty lousy number it set a two percent ... um you know employment is getting a little bit better ... aam but then you know that that ultimately is looking ahead ... so you will that what investors are in his mind which is aam ... on one hand they know the easy money is not to last forever ... on the other hand ... economy ... the global economy in particular is not all that great ... interest rates are going to stay low for a while ... so we do you can bet on the growth you can bet on easy money or do you think investors to get this since he took a lot of people on recently Piasentin people's performance by this or that is going with it ... I how much sugar is there been in psychology ... I think it depends who you talk to um you I think for the average so the typical investor isn't trying to do some crazy leveraged play on muni bonds ... of PETA people are saying look there there is a way to navigate this there's a way to serve earn some income in a low rate environment but at the same time not have to have ... super strong growth ... and you know there are some stocks in the service you know that that that aren't they're not that expensive piece of ... sisters is ... so I think it you know that the smarter than the actual real smart money is saying ... I'm never going to time this with the Fed ... then I also don't expect the economy to take off ... only to find something that rides in the middle ... you know for some short-term hick ups of deal with it but you know ... not conducive or a line in the extreme coming ... through ... Tom Lauricella the reader to great so for an FA statement by the way I planned it into a ... huge effort on the high thanks ... thanks Tom thinker